Thursday, August 7, 2014

AUROBINDO PHARMA - RESULTS FOR Q1 FY 2014-15 - (JUNE 2014) - Sales & Net Profits up impressively YoY - future promising




AUROBINDO PHARMA LIMITED

RESULTS FOR Q1 FY 2014-15

(JUNE 2014)


CONSOLIDATED RESULTS TABLE


Aurobindo Pharma
Q1 FY15
Q4FY14
Dif% QoQ
Q1 FY14
Dif% YoY
FY14
Net Sales
2895
2306
25.54
1700
70.29
8038
Total Income
2911
2330
24.94
1716
69.64
8100
Total Exp
2344
1675
39.94
1480
58.38
6280
OPT
567.32
654.93
-13.38
235.79
140.6
1820.28
PBT
560.7
666.91
-15.93
41.91
1237.87
1532.52
NPT
415.43
501.81
-17.21
18.6
2133.49
1172.85
EPS-FV.Rs.1
14.24
17.21
-17.26
0.64
2125
40.22


Aurobindo Pharma has produced very good results for Q1 FY 15 ending June 2014. The consolidated results are in the above table.
Net Sales have increased 25.54 % on QoQ basis and 70.29 % on YoY basis.

Net Profit has decreased 17.21% QoQ but has increased 2133% YoY. This is due to various reasons as mentioned in the Notes to the results.

Taking into account normal factors and excluding the abnormal factors, the results are quite gratifying. Future results must show Aurobindo’s performance in a good light.

Notes to Accounts Summary :

Sales for standalone for Q1 FY 15 include exports of Rs.1597.82 cr against Rs.1265.86 cr in corresponding Qtr of last year.

Sales for Standalone for current Qtr includes dossier income of Rs.66 lakhs against Rs.2.38 cr in Q1 FY 14.

Forex gain/loss includes exchange difference of Rs.10.49 cr , Rs.50.48 cr and Rs.50.48 for Q1 FY 15, Q4 FY 14 and Q4 FY 14. It was Rs.202.22 laKhs for FY 2014.

During the Quarter, Agila Pharma BV Netherlands, a step down subsidiary of the company has acquired select European Business of Actavis. The consolidated results for Q1 FY 15 includes this (of Actavis)

On 13.09.13, It was decided to transfer the injectables business to its wholly owned subsidiary CurePro Parenterals Ltd w.e.f  1-4-2014.It is subject to various approvals and not given effect to in this results.

The company has reassessed useful lives of various assets and has charged additional depreciation of Rs.17.23 cr in standalone and Rs.17.13 Cr in consolidated results in current Quarter.

Further, based on transitional provisions in Note 7(b) of Sch.II, an amount of Rs.18.57 cr (Net of deferred tax) has been adjusted in the retained Earnings.

The Board has approved an interim dividend of Rs.1.50 (150%) per equity share of Rs.1.


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Sunday, August 3, 2014

TORRENT PHARMACEUTICALS LTD - QTRLY RESULTS FOR Q1 FY 2014-15 - (JUNE 2014) - REVENUES UP 15%YoY; NPT UP 72% YoY




TORRENT PHARMACEUTICALS LTD

QTRLY RESULTS FOR Q1 FY 2014-15

(JUNE 2014)

TORRENT PHARMA has produced excellent Results for the first quarter ending June,2014.

Torrent Pharma
Q1 FY15
Q1 FY14
Growth
FY 14
FY13
Growth
Revenues
1114
972
15%
4184
3212
30%
EBITDA
345
208
66%
952
693
37%
% of Revenues
31%
21%

23%
22%

PBT
349
187
87%
844
582
45%
PAT
256
149
72%
664
435
53%
%Revenues
23%
15%

16%
14%

EPS-FV Rs.5
15.1
8.8
72%
39
26
53%

Domestic Formulations Business recorded growth of 13% and International revenues Grew by 36%. Revenues from US operations grew by 138%.

During the quarter, Torrent consummated acquisition of Identified Indian Branded formulations Business of Elder Pharma for a consideration of Rs.2000 Cr. Borrowing of Rs.1400 Cr for the deal.


Torrwent Pharma
Q1 FY 14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
MKT CAP
6952
7392
8021
8860
1114
REVENUE
972
972
1015
1225
1114
PBT
187
152
188
317
349
PAT
149
113
158
244
256

GROWTH DRIVERS IN INTERNATIONAL MARKETS

As of Jun14 the Company has 48 ANDA approvals (including 5 tentative approvals) and its pipeline consists of 22 pending approvals and 46 products under development.

• 8 to 10 products expected to be launched in FY 15.

Torrent Pharma's Q1 FY 15 EPS is Rs.15.1. If this is annualized, the annual EPS will be around Rs.60. Current Market price is around Rs.755. So, PE Ratio works out to 12.58. We will need to watch if Torrent is able to maintain this level of EPS and improve on it in coming Quarters.

Going forward, the acquisition of Elder Pharma’s selected Business may prove to be a Big Growth driver for Torrent Pharma.

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